The United States does not yet have a budget crisis, House Budget Committee Chairman Paul Ryan said on Sunday's “Face the Nation,” but one is coming if changes aren't made in the country's spending patterns.
The Wisconsin Republican backed up what House Speaker John Boehner, R-Ohio has said about the looming crisis.
“America is still a step ahead of the European nations who are confronting a debt crisis, of Japan, that's in its second lost decade,” said Ryan. We do not have a debt crisis right now. But, we see it coming. We know it's irrefutably happening. And the point we're trying to make with our budget is, let's get ahead of this problem."
Ryan unveiled a budget plan last week that is like several others he proposed in the past, only to see them rejected by the Senate, where Democrats hold a majority. Democrats are also likely to reject Ryan's current budget, which calls for eliminating Obamacare and transforming Medicare into a voucher system for Americans younger than 25.
Ryan said Sunday he hopes to get a deal before the continuing resolution funding measure expires on March 27.
The Republican budget, he said, reflects GOP beliefs of balancing the budget and getting the government to live within its means. The budget also calls for energy exploration, and growth in economic policies.
Democratic Sen. Amy Klobuchar of Minnesota, who followed Ryan on the program, said she believes a compromise will be reached next week.
"I think this is an exciting time when we can get a compromise between Democrats and Republicans, and we have to," she said. "Overall, I think this is a great time of opportunity. I would agree with Congressman Ryan: We literally are standing on a precipice here in terms of the opportunities."
© 2014 Newsmax. All rights reserved.